Buying a house? 5 costs to prepare for on your quest

Buying a home is an adventure and a journey unlike any other. And when going off on a quest as big as this - I mean, we're talking about walking into Mordor level stuff here - it's best to know what you're getting yourself into so you can pack your provisions accordingly.

So, let's look at the top 5 additional costs you may not have considered as you prepare to embark on your quest.

1. Bond Registration and Transfer Costs

These may very well be the trolls that bar the way for many a traveller. This isn't like forgetting your handkerchief. No, this is more like forgetting to put the One Ring in your pocket before you leave The Shire. That's why it's best to consult an online cost calculator long before you start packing the lembas bread.

To put things in perspective, a R1 200 000 bond can saddle you up with bond registration costs estimated at just over R31 000 and the transfer cost estimate coming in at about the same. Not a number to be taken lightly.

2. Insurance

When taking out a home loan, the bank insists that you have homeowners' insurance in place before approving the bond. This is to cover structural damage, caused by anything from stone-giants to Balrogs to simple natural disasters, to what is technically the bank's property until the bond is paid off. While the bank may provide you with their own insurance option, it's good to shop around and find the best option for your pocket and requirements.

3. Moving Costs

True, there are those who are fortunate enough to have elves and dwarves and even a full-on wizard to help them move, but for the rest of us, the help of movers doesn't come cheap. As you rummage through your treasure chests, you may need to put aside anything from R5 000 to R15 000 when moving within the same city.

For those who aren't afraid to put a bit of elbow grease into the adventure, hiring a trailer or bakkie can cut the costs drastically. Just make sure you have enough food for elevenses and luncheons ready if you do decide to get hobbits to help you move.

4. Registering Utilities

Registering your water and electricity connections, as well as your telephone and internet lines may cost you anything between R1 000 and R3 000. Fortunately for some, this only applies to freehold properties.

5. Rates, Taxes and Levies

Not since the days of Númenor have people truly been free of the tithings needed to sustain a kingdom, so be prepared to pay your rates and taxes. Estimating this number is rather tricky as the value and area of the property affect the number greatly. We're speaking of anything from a couple of hundred to a few thousand rand per month.

When it comes to sectional titles, homeowners need to pay a levy each month to the body corporate that cover the general upkeep of the buildings and common areas.

Buying a property may not require you to join a Fellowship, but it does help to have a guide with you who has your best interests at heart, a Samwise Gamgee if you will. So get in touch with one of Meridian Realty's iAgents and get ready to embark on your adventure.

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This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your adviser for specific and detailed advice. Errors and omissions excepted (E&OE)